The fintech ‘lifestyle platform’ is reportedly raising funds that would value it at $150bn
Wang Manni, 23, a graduate student in Hangzhou, is a loyal customer of one of the world’s biggest finance companies. However, it is not one of the traditional banking giants that handles her business, rather a four-year-old spin-off from the technology conglomerate Alibaba, Ant Financial. She uses its virtual credit cart, Huabei, to buy groceries, makeup and electronics on Taobao, Alibaba’s massive e-commerce business. Sometimes she puts her monthly allowance from her parents into Ant’s money market fund, Yu’e Bao, to earn a little interest to help repay her shopping debts.
“I often don’t know I’ve spent that much money until I see the bills at the end of the month,” she said.